S&P 500 falls on Monday as it struggles to rebound from a 6-week slide

S&P 500 fell on Monday as the market attempts to rebound from a relentless sell-off that's punished tech stocks and pushed the broader index to the brink of a bear market.

The Dow Jones Industrial Average was 66 points lower, or 0.2%. S&P 500 fell 0.3% after the benchmark nearly fell into a bear market last week before a Friday rebound. The Nasdaq Composite slipped 0.6%.

After a long spate of selling, markets rebounded on Friday, with the Dow rising 466.36 points and the S&P 500 climbing 2.39%. The Nasdaq Composite jumped 3.82% and posted its strongest one-day gain since November 2020.

But major averages still posted steep losses for the week and are undergoing an intense sell-off as the Federal Reserve attempts to tamp down inflation with aggressive rate hikes. The Dow's 7-week losing streak is its worst since 2001. The S&P 500 just posted its first 6-week losing streak since June 2011.

Some analysts believe those declines may soon point to an attractive entry point for the broader market index, based on a long-term perspective.

"The S&P 500 is quickly approaching a level that, historically, has indicated that future growth concerns are priced in," Citi analyst Scott Chronert wrote in a note.

The S&P 500 sits 16% off its record high, while the Nasdaq Composite is down more than 27% as investors hit growth stocks trading with lofty valuations the hardest as interest rates spiked.

Those names rebounded on Friday and some looked set for some more gains in Monday's session. Amazon and Tesla were both in the green in premarket trading. Apple, which fell into a bear market at one point last week, was also indicated higher.

Some investors and analysts say, whether or not the bottom is in, there are good buying opportunities at the market's current lows.

"I'm not calling the bottom here, but there's some opportunity here to dollar cost average," said Sylvia Jablonski, CEO and chief investment officer at Defiance ETFs, told CNBC. "If you're sitting on a bunch of cash, you're locking in losses because of inflation. Investing in equities or asset classes that you believe in... it is the lesser evil. The selling fatigue will wane, the market will reset. It's unlikely the Dow and the S&P are going to be in correction territory six months to a year from now."

Retail earnings season kicks off this week with several big-box retailers set to report results for the first quarter, including Walmart, Target and Home Depot. Elsewhere, Deere is also on deck, along with a handful of technology companies.

Investors will also have their eye on retail sales data this week, which could give them insight into how retailers are managing inflation, which remains near 40-year highs.

Spirit Airlines shares surged 9% in after JetBlue announced a tender offer to acquire the airline for $30 a share.

Carvana's stock price jumped 7% after the used car company issued strong core earnings expectations for 2023, and outlined a plan to cut costs.